When asked if he can remember specific meetings where he felt frustrated by the label’s inability to change, he says, “Honestly? All of them. The culture there has been institutionalized. You had record executives who’ve been sitting in their office for 20 years because of one act. ‘But that’s the guy who signed Mötley Crüe!’ Seriously? That was f*cking 25 years ago.

“When you look at what’s happening, the record business is purging itself,” Jay continues. “Def Jam released 57 albums one year. Are there 57 good artists in the world, let alone on one label? If you have 57 artists and four of them break, that’s bad business. What a terrible model. I told them, ‘How about this idea – instead of spending $300 million to break four acts, why don’t you guys give me a credit line, and I’ll just do things. I won’t make music. I’ll go buy some headphones, or buy a clothing line, just be part of the culture.’ But the money scared them off, because they’re not used to thinking in that way.“

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